Oct. 23, 2012 (China Knowledge) - CHINT Group Corp, one of China's leading low-voltage electrical product suppliers, has announced it plans to issue RMB 500 million in short-term bills with a maturity of 365 days in the interbank market on Oct 26.
The company said in a statement that the bills will be issued at face value, and the coupon rate determined in the process of book-building.
Both value and payment due date is set on Oct 30, and the to-be-issued bills tradable Oct 31.
RMB 300 million of the proceeds from the issue will be used to replenish working capital, while the remaining RMB 200 million to repay bank loans, said the issuer.
China Lianhe Credit Rating Co Ltd has rated the issuer and bills AA- and A-1, respectively.
Agricultural Bank of China Ltd<601288
> has been hired as lead underwriter and bookrunner for the offering.